Today’s move by Gold, but more importantly the Miners (GDX), is very bullish for Gold’s longer term 5-6 month Intermediate Cycle. Gold is on day 20 and GDX has now made a higher high on day 17.
New highs this late in the first Trading Cycle out of the Yearly Cycle Low ensures that both Gold and the Miners will have a Right Translated cycle where both should make a higher low than their previous Trading Cycle (i.e. the YCL in Dec).
That said, I am still expecting the current Gold cycle to find a top soon but this action is bullish. The more Time a cycle spends going up, the less Time it has for price to move down. The USD should also be very close to finding a short term Trading Cycle low but its longer term Intermediate Cycle has very likely topped.
Previous Post where I was looking for a final pop in the Miners: